Apparently, stock market traders are unconvinced at the Fed's latest rescue for Fannie Mae and Freddie Mac, since stocks sold off and have only moved southward since the open of the stock market. Look at the sell-off in the last 30 minutes (far right)! The Indymac failure over the weekend only added fuel to the fire! I'm even concerned that if these financial catastrophes continue, the Fed itself may not have enough reserves to make the rescues stick at some point. The more they try to prop up a weak financial system, the more doubts are raised in the minds of investors, because the thoughts come more and more frequently to mind, "Wow! What's the next shoe to fall?". Even so, despite the negative sentiment, the Dow 11000 level has continued to provide support and is being successfully defended!Meanwhile the downtrend on the daily chart continues:
